Law Offices of Barry Miller
Renting has many advantages over homeownership, and deciding whether to buy or rent is not a decision to be taken lightly. Urbanista’s thoughts towards the upside and downside of renting.

    As a renter, you are limited in what you can do to a property without the landlord's permission. Renters have limited personal expression and touch of design versus Tabula Rasa in your own home.

  • Home owning allows pets of ALL size and Breeds.
  • No Taxes

    Renters miss out on a lot of valuable tax breaks that owners can claim. These include deducting the interest paid on mortgages, writing off certain repairs, credits for energy-efficient upgrades and more.


    History proves that within most “U.S.” Downtown’s Urban Core real estate, you will witness appreciation and create a source of wealth for the owner.


    Renters cannot control where they live beyond the terms of your lease. You can be forced to leave at any time, sometimes even before your lease runs out, Short Sale - Foreclosure.


    When you own a home, relocating is sticky. To move somewhere else, you have to either sell your place or rent it to someone else. When you rent, you can pack up and relocate at any time. Worst case scenario, you lose your deposit.


    Renting will normally cost less to get into a rental than to buy a place. Renters just have to come up with a security deposit and first month's rent, whereas homebuyers need to have enough cash for a down payment and closing costs.


    When you rent a place and something breaks… you call and complain to your landlord. When you own your place and something breaks, you complain about the repair cost.

    The best managed apartments have on-site maintenance that can handle repairs while you're at work and be done before you come home. When you own your place you may have to miss work to coordinate with repairmen and their notorious four-hour scheduling windows.


    Renters insurance is basically FREE. Homeowners insurance, not so much.

1. When should you not buy a home?
  • If your rent is very low. (usually 20% or less of your gross monthly income) If you like the area and will probably buy in the area, maybe save for one more year.
  • You intend to move in a few years.

Things to think about prior to buying a home. When you buy a home, you still have expenses unlike renting.

  • maintenance of the home
  • original closing costs when buying the home
  • monthly property taxes & yearly homeowners insurance (both of which are usually in the mortgage payment)
  • sometimes mortgage insurance depending on your down payment and the type of loan

So I have mentioned some negative reasons why not to buy a house and that confuses you a little. It's because the positive reasons will outweigh the negative reasons of buying a home. Key word being usually. Your home can become your own personal bank.

2. Positive reasons for buying a home
  • You can write off the interest yearly
  • You will build equity in your home on a monthly basis, unlike when you rent.
  • You can deduct the points that you paid when purchasing, the 1st year, that's if you pay points.
  • Your home will usually appreciate, becoming more valuable over time. Ignore what has happened in the last 3 years with values plummeting. Values had increased too quickly and this happened for several reasons.
  • Pride : The home is yours. You can basically do what you want, within reason.
  • Once your home is paid off, you just have yearly taxes and homeowners insurance
  • Creating memories - Since the home would be yours, you will creative ever lasting memories, especially if you have a family.